What is the name of your state? MO
After a layoff, I got a 50,000 severence package that was deposited into my Pension account. I cashed this and paid all of my bills and saved some of the rest.
I'm in the 25% Federal Tax Braket. My question is this. How much might my taxes be? Will there be a 10% penalty, Missouri Taxes, FICA, Social Secuirty?
I'm just looking for ballpark number - for example my total taxes/penalities on that $50,000 might be $15,000-$20,000?
Thanks in advance!
After a layoff, I got a 50,000 severence package that was deposited into my Pension account. I cashed this and paid all of my bills and saved some of the rest.
I'm in the 25% Federal Tax Braket. My question is this. How much might my taxes be? Will there be a 10% penalty, Missouri Taxes, FICA, Social Secuirty?
I'm just looking for ballpark number - for example my total taxes/penalities on that $50,000 might be $15,000-$20,000?
Thanks in advance!